IGM Financial (TSE:IGM) Price Target Raised to C$65.00 at Royal Bank Of Canada

IGM Financial (TSE:IGM) had its price target boosted by Royal Bank Of Canada from C$51.00 to C$65.00 in a research report sent to investors on Monday morning,BayStreet.CA reports. They currently have a sector perform rating on the financial services provider’s stock.

IGM has been the topic of a number of other reports. TD Securities upped their price target on IGM Financial from C$57.00 to C$64.00 in a research note on Tuesday, November 4th. CIBC boosted their price objective on IGM Financial from C$61.00 to C$68.00 in a report on Wednesday, January 21st. National Bankshares increased their target price on IGM Financial from C$60.00 to C$68.00 in a research note on Monday, November 10th. Jefferies Financial Group lifted their target price on IGM Financial from C$50.00 to C$54.00 and gave the company a “hold” rating in a research report on Wednesday, October 29th. Finally, Scotiabank increased their price target on shares of IGM Financial from C$64.00 to C$67.00 and gave the stock a “sector perform” rating in a research report on Tuesday, October 28th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of C$64.86.

IGM Financial Stock Performance

TSE IGM opened at C$66.42 on Monday. The stock has a market cap of C$15.65 billion, a PE ratio of 15.27, a P/E/G ratio of 4.09 and a beta of 1.13. The company has a current ratio of 3.61, a quick ratio of 0.31 and a debt-to-equity ratio of 97.24. IGM Financial has a twelve month low of C$38.89 and a twelve month high of C$68.55. The stock has a fifty day simple moving average of C$61.44 and a 200-day simple moving average of C$54.09.

IGM Financial (TSE:IGM) last announced its earnings results on Thursday, November 6th. The financial services provider reported C$1.27 earnings per share for the quarter. The company had revenue of C$971.88 million during the quarter. IGM Financial had a net margin of 27.93% and a return on equity of 12.76%. Equities analysts anticipate that IGM Financial will post 4.006816 earnings per share for the current year.

IGM Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Friday, January 30th will be paid a dividend of $0.5625 per share. The ex-dividend date is Tuesday, December 30th. This is a positive change from IGM Financial’s previous quarterly dividend of $0.56. This represents a $2.25 dividend on an annualized basis and a dividend yield of 3.4%. IGM Financial’s payout ratio is currently 51.72%.

Insider Activity at IGM Financial

In other IGM Financial news, insider Rhonda Goldberg sold 7,353 shares of the stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of C$57.00, for a total value of C$419,121.00. Also, Director Esther Findlay sold 800 shares of the firm’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of C$57.60, for a total transaction of C$46,080.00. Following the completion of the sale, the director owned 10,276 shares in the company, valued at C$591,897.60. The trade was a 7.22% decrease in their ownership of the stock. In the last ninety days, insiders sold 34,904 shares of company stock worth $1,982,131. 66.58% of the stock is owned by corporate insiders.

About IGM Financial

IGM Financial is the largest non-bank-affiliated asset manager in Canada. The firm is part of the Power Financial group of companies, which includes Great-West Life, London Life, Canada Life, and Putnam Investments. IGM has two main operating divisionsasset management (operated through Mackenzie Investments) and wealth management (via its Investors Group Wealth Management and Investment Planning Counsel subsidiaries)that provide investment management products and services. IGM Financial had CAD 225.6 billion in assets under management, or AUM, and CAD 30.1 billion in assets under advisement at the end of May 2022.